Posted Jan 27, 2016 by Martin Armstrong
On one hand, Yanis Varoufakis is a left-leaning economist, however, he also see the truth about debt and how Greece cannot possibly recover. For the most part, I agree with him in general principle as to the crisis. Where I disagree is his view that capitalism will devour democracy. I think he has not looked closely enough for we have no democracy — only a republic — and in that context, his perspective of capitalism devouring “democracy” needs to be qualified. The true statement is that all REPUBLICS are devoured by money which becomes corruption; so the actual process is that all REPUBLICS devolve into an OLIGARCHY. That difference aside, what he describes in this interview with Bloomberg is absolutely correct.